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    bigdaddy Member

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    Location:
    Duluth Georgia
    Prius coming in next week. Followed some of the tips on the consumer sites and applied online for a loan last week with Capital One. Approval within 5 minutes. Locked in a very competitive rate (3 yrs 5%). The deal with them is that they will approve a loan up to an amount you specify, and send you a blank check. Supposedly, you walk into the dealer and write in any amount up to that limit, sign the check, fill in the VIN, and give to the dealer. By using the check you activate the loan. You do not have to take the Capital One deal, and if the dealer can beat their rate, then you are free to switch.

    Couple of questions:

    1) Anyone use Capital One blank check for financing? Was it as smooth a process as they make it out to be? I am traveling 4 hours out of state to get my car and don't want any hiccups in my day.

    2) I saw in another (old) thread that some dealers had charge folks an extra $300 if they used the check, because that is what capital one was charging them. Can anyone confirm or deny this?
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    GreenLady New Member

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    Location:
    Denver, CO
    Your Vehicle Year:
    2005 Prius
    I'll add another question: If you are buying a car out of state over the internet, can you mail the check to the dealer?
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    MarinJohn Senior Member

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    If possible go/join a credit union. They have better rates
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    • Admin/Founder

    Danny Admin/Founder

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    Location:
    Charlotte, NC
    Your Vehicle Year:
    Other Non-Hybrid
    Model:
    N/A
    A buddy of mine used CapitalOne to do exactly what you're describing, and said it was the best purchase experience he's ever had. No pressure to worry about taking the dealer's financing, and no pressure to worry about HAVING to take the CapitalOne financing.

    Win-Win.

    As far as buying it over the Internet and mailing the check - I think CapitalOne can actually mail the check for you to the dealership.
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    • Admin/Founder

    Danny Admin/Founder

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    Location:
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    My credit union is 5.5% right now. The only CU I've seen beat CapitalOne is the Pentagon FCU.
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    cc_prius New Member

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    Location:
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    I used CapitalOne (via Costco), and the experience was easy. They mailed the check/terms to me, and the dealer didn't complain/fight it at all when I gave it to them. Much easier the going through the dealer financing IMO.
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    NuShrike New Member

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    Your Vehicle Year:
    2005 Prius
    Model:
    N/A
    I considered Capital One/AAA financing, but Kinecta CU (my Toyota salesman gave this to me!) beat it with 4.74% new, and 4.49% automated direct-draw payments from a Kinecta savings account; for 60 months. 4.24% for 36 months.

    My dealership (rancho santa margarita) signed me up also too so it was a great experience, although I wouldn't touch that place now for service.
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    wesj49 New Member

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    Location:
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    I've used Capital One for two car loans, the Prius and my work truck. Neither dealer balked at accepting the checks nor could they beat the interest rates at the time. If you use automatic withdrawal for your payment method, you can get even a little bit lower rates.
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    slipperytoast Junior Member

    Member Since:
    Jun 16, 2005
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    Location:
    Brooklyn, NY
    Your Vehicle Year:
    2005 Prius
    Model:
    N/A
    I took my CapitalOne check to my dealer (Bayridge Toyota, NY) and they wouldn't take it. When I threaten to leave they offer to beat the rate with Toyota financing... I took it because I really wanted the car and the rate was slightly lower.
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    smasho New Member

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    Location:
    Oregon
    We bought my wife's current car with a loan from Cap One. They were truly a pleasure to deal with. Applied Friday, Fed-ex delivered the check early Saturday morning, had the car Saturday evening. They get my unqualified recommendation.

    No additional charges from the dealer and no, as far as I can tell, Cap One does not charge them a fee for taking the check. One fun thing, It really frosted the manager when I wouldn't fill out a credit app. I guess you just haven't negotiated unless you walk out the door once.

    Even if you don't use them, seriously consider having financing lined up before going to the dealer. It makes everything easier.

    Presuming their rates are still good, I plan on using them when my '05 comes in.
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    gmckee New Member

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    I am using Capital One AutoFinance to finance my Prius and had absolutely no problems with it, in fact much to compliment the experience. It was the best rate I could find at the time (beat credit unions, Toyota's own financing, anything else I could find), 4.2% in Mid-March including a small AAA discount (terms: 36 months, agreement to direct bank account deduction). You select date of month to deduct. I received the check one day after internet application (via "snail mail"), and the dealer didn't flinch about accepting it. I'm quite sure there is no pre-payment penalty either. Two thumbs up.
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    jfh3 New Member

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    I got 4.4% from mine ... :mrgreen:
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    Ron Dupuy New Member

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    Nov 12, 2004
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    Location:
    Fortuna, CA
    Your Vehicle Year:
    2005 Prius
    Capital One was great. Check overnight. No problem with dealer. 3.75% which NO ONE could beat - not bank, credit union, nor Toyota. It is the only way I will go from now on.
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    jfh3 New Member

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    THREE point 75? Recently?

    Wow! That's fantastic ...
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    mehrenst Member

    Member Since:
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    Location:
    San Jose, CA
    Your Vehicle Year:
    2005 Prius
    Model:
    III
    I bought mine cash and still had to fill out the "credit app". When I discussed it with the dealer he indicated it was simply to get the basic information they would need to process the sale, DMV, etc. He said just skip the credit info and I drew a line through it. I guess it was their version of paperwork reduction. :roll:
  16. Offline

    Ron Dupuy New Member

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    Location:
    Fortuna, CA
    Your Vehicle Year:
    2005 Prius
    My wife just informed me that it was actually 3.65. It was November 04 - 15000 miles ago!
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    LuckyP New Member

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    <div class='quotetop'>QUOTE(Ron Dupuy\";p=\"103493)</div>
    Uhmm, how did you get that rate? Are you saying Capital One gave you 3.75%? Keesler Federal CU who has been the lowest all the time for me, got me 4.25% this past week. I still need to fill out the paperwork though.

    Back in Decemeber of '04 Keesler FCU gave me 3.45% and that was the lowest rate at that time as well.

    Anyway, share the knowledge please.

    Thanks,
    LuckyP
  18. Offline

    Bill Merchant absit invidia

    Member Since:
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    Location:
    USA | Oregon | Portland area | 97004 |
    Your Vehicle Year:
    2007 Prius
    [font=Comic Sans MS:2529e28d9c]This is what they are saying today:[/font:2529e28d9c]
    [font=Lucida Console:2529e28d9c]
    Loan Rates                  30-36 mos  37-60 mos  61-72 mos

    Dealer Purchase: New    4.75%        5.29%        5.79%
    [/font:2529e28d9c]
  19. Offline

    Ron Dupuy New Member

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    Location:
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    Your Vehicle Year:
    2005 Prius
    LuckyP,

    Mine was 3.65 in Nov 04, yours was 3.45 in Dec. Sounds pretty close. Changing times-changing rates.
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    michael180 New Member

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    Location:
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    Rates are always changing in response to the federal interest rate. Rate are going up now, so auto loans should follow suit.

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